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Conoco's refining business enjoyed higher profit margins in the quarter.
What he did, many analysts say, was to bring a trader's view to the refining business.
That included a loss of $15 million at Exxon's domestic refining business.
Exxon posted a loss at its American refining business for the second consecutive quarter.
That diversity insulated the Fanjuls from price squeezes in the refining business.
They went to the creeks not with guns but with the illegal refining business".
In theory, when falling crude prices hurt production, the refining business gets relief from lower input costs.
The company's refining business — with its hefty exposure to the more robust Chinese market — looks better placed still.
"The bush refining business is highly decentralized and secretive," it said, "which makes its size hard to estimate".
Now, the debt is rated junk and the company is scrambling to get out of the refining business.
At the refining business, profit was $2.56 billion, up from $791 million, reflecting higher prices at the pump.
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